miércoles, 11 de noviembre de 2009

PRECIOUS-Gold touches maximum by falling dollar

Gold climbed to highs above $ 1115 an ounce on Wednesday as the dollar dropped to lows of 15 months, and hopes of a global economic recovery, coupled with gains in equity markets, underpinning the attraction of foreign more risky.

Gold is aimed at achieving further progress, analysts said, with the weak dollar helping the metal extending a rally that began last week after the IMF sold 200 tonnes of bullion to India's central bank, reinforcing the prospects for more official purchases in the sector.

Spot gold hit a high of $ 1117.05 an ounce and was operated at $ 1115.30 at 0956 GMT versus $ 1105.30 at the close on Tuesday in the U.S..

Gold futures for December delivery on the COMEX division of the New York Mercantile Exchange climbed $ 13.30 to $ 1115.80.

"The way that gold continues to rise from its previous highs is pretty incredible," said Ole Hansen, manager of Saxo Bank. "The continued momentum is driving prices higher. Whenever we see new highs, we see more impulse buyer," he added.

The dollar index fell to a minimum of 15 months and 74.831 euro gained to their highest level in two weeks close to the maximum of 2009 last week from just over $ 1.5060.

The weakness of the dollar underpins gold's appeal as an alternative asset, and makes dollar-traded commodities are cheaper for holders of other currencies.

Among other precious metals, spot silver was operating at $ 17.53 an ounce against $ 17.32, following the progress of the gold, while platinum climbed $ 1364 from $ 1349.50 an ounce and palladium rose to $ 335 versus $ 331.50.

miércoles, 4 de noviembre de 2009

Chinese financial and drive oil recovery in the Hong Kong Stock Exchange

Hong Kong closed the floor today with a 1.76 percent gain in its benchmark index, Hang Seng, in a day beneficial for Chinese financial and oil industries.

The Hang Seng rose 374.71 integers, to close at 21,614.77 points, in a session in which only one of 42 signatures of the main index ended down.

The trading volume stood at 60,060 million Hong Kong dollars (7,700 million dólares/5.300 million).

The four sub-indices made profits, commercial and industrial being the one struck with the best, with a rise of 214.71 points, 1.95 percent to stand at 11,235.04 points.

In this sector, PetroChina values accounted for 3.55 percent, to $ 9.63 in Hong Kong, the CNOOC subtracted 2.95 percent, to 11.88, and China Mobile advanced the 1.86 percent, to 73.90.

The financial sub-index rose 1.76 percent, equivalent to 588.03 points, to close at 33,999.90.

In this sector, the choices of China Life gained 3.05 percent, to $ 37.20 in Hong Kong, the CCB added 2.42 percent, to 6,77, and Bank of China recovered 2.73 percent, to 4.52.

The property sub-index rose 378.62 integers, the 1.39 percent, after which it remained 27,667.82 units, the service added 1.20 percent, or 436.54 points, after which stood at 36,825.06.

In these sectors, shares of Hang Lung Properties gained 2.04 percent, to $ 29.95 in Hong Kong, the Overseas Chinese rose 2.19 percent, to 16.78.

Among the components of services, China Res Power rose 2.51 percent, to 16.34.

Outside the Hang Seng Index "H", which groups major Chinese state, recorded a rise of 329.51 points, 2.64 percent, which stood at 12,830.15 integers.

In the day one euro was changed to 11.4 Hong Kong dollars, and a dollar to 7.8 Hong Kong dollars.

martes, 3 de noviembre de 2009

BASIC METALS-Copper drops by caution ahead of Fed and U.S. data

Copper prices fell on Tuesday in an atmosphere of caution as investors sold the metal before the start of a meeting of the U.S. Federal Reserve and new economic reports.

The copper in London Metal Exchange (LME, for its acronym in English) was trading at $ 6410 a tonne at 1030 GMT from $ 6550 to close on Monday, when it rose by strong U.S. manufacturing indicators and China.

The Fed meeting begins on Tuesday two-day monetary. Investors are focused on what he might say the central bank on economic growth and the future direction of official interest rates.

"There is much nervousness, but there are some strong signs of recovery in the U.S.," said John Meyer, analyst at investment bank Fairfax.

The market also expects the monthly employment report that the U.S. government will on Friday.

"If the unemployment rate exceeds the psychological barrier of 10 percent, that would impact the financial confidence (...) but given yesterday's manufacturing numbers, the number of unemployment could be better than expected," Meyer said.

It is projected that the unemployment rate stood at 9.9 percent in October from 9.8 percent in September. Payrolls of companies have fallen at 175,000, against a previous reduction of 263,000.

Vehicle sales in the U.S. in October are due on Tuesday, and that could affect base metals, particularly aluminum, which was trading at $ 1890 from $ 1915 on Monday.

Zinc was quoted at $ 2160 a tonne from $ 2195 on Monday, lead from $ 2241 to $ 2298, nickel from $ 17,750 to 18,060 and tin from $ 14,600 to 14,775 on Monday.

Unemployment rises in Spain 98,906 people in October: official

Unemployment in Spain rose by 98,906 persons, a total of 3.808 million people in October, more than in the previous month but at a slower pace than a year ago, said Tuesday the Department of Labor. The number of unemployed in Spain rose by 80,367 in September. In October last year, unemployment increased by 192,658 people.

"That the unemployment continue to rise is in line with expectations, although it does so with less intensity than the same month last year," said Maravillas Rojo, Secretary-General for Employment, was quoted as saying the ministerial note.

The largest increase in unemployment in October was in the service sector with 62,447 people.

"The data responds to the general tone we expected. In the final stretch of the year, unemployment goes up against the previous months, but less negative compared year and we believe they will continue the trend to end the year," said Sergio Diaz, economist the research service of Caja Madrid.

For his part, Minister of Economy and Finance, Elena Salgado, reiterated that the unemployment figures could improve in the coming months.

"Surely in a few months we can begin to see lower unemployment figures," Salgado said in an interview with television channel Tele 5.

"The net employment, we believe it will begin to emerge during 2010," said Salgado.

By sector, agriculture, unemployment rose by 11,899 personnel, with 12.4 per cent, in construction rose 8802, 1.2 percent, in industry increased in 5805 and 1.1 percent, and collective group without previous employment increases in 9953, up 3.5 percent).

"Although the October data are negative, the variation of registered unemployed continues to evolve to the lowest since March," said Red.

The secretary of state warned that use the external sector has begun to show signs of recovery, which could help stem job losses.

Among young people under 25, unemployment rose in October at 16,868 people, with 3.7 percent the previous month, and among those aged over 25 rose by 82,038, or 2.5 percent.

DESCENDING AFFILIATION TO SOCIAL SECURITY

The average Social Security affiliates of Spain in October stood at 17,908,945 occupied, representing an average decline of membership in the month of 26,149 occupied for the whole system, according to the Treasury for Security Social.

However, the Ministry of Labor indicated that data from Social Security affiliation suggests that Spain will end this year with a surplus very close to that presented in the budget for this year.

The general budget of 2009 provided for a Social Security surplus of 0.2 percent of GDP.

"(The data) clearly demonstrate that for the past six months we are in a plateau of sustained membership. (...) What is a clear indication that the Spanish economy is returning to recover the vitality of all sectors of economic activity "said Octavio Granado, General Secretary of Social Security, according to the ministry statement said.

lunes, 2 de noviembre de 2009

Eurozone manufacturing PMI index 50.7, maximum 18 months October

The manufacturing sector in the eurozone rose for the first time in 17 months during October, to a level of new orders was not reached in more than two years.

Markit's index of purchasing managers in the euro zone rose to 50.7 in October from 49.3 in September. That figure was in line with an advance estimate and analysts' forecasts, so it caused no major reactions in the markets.

This is the first time the index is placed above the 50.0 points that divide the growth from contraction since May 2008, posted its best level since April 2008, when it stood at 50,7.

"Today's data suggest that the eurozone recovery is beginning to gain pace (...) We remain cautious about the economic outlook for the coming months," said Colin Ellis at Daiwa Securities.

The new orders index rose to a maximum of 26 months from 53.7, an improvement from the September record of 52.5, while production reached levels not seen since early last year.

However, there was divergence between the four large euro zone economies, Germany and France growing at reasonable levels, while Spain and Italy continue to show weakness.

European stocks fall, affecting pharmaceutical firms

European shares on Monday played four-week lows, which extended the previous session's losses, for fear that the stock market has rebounded well before the economic recovery.

Shares of banks were among those who suffered major losses.

At 1122 GMT, the FTSEurofirst 300 index of leading firms lost 0.2 percent to 976.2 points after falling to 968.19 points, its lowest level since early October.

On Friday, fell 2.1 percent, the biggest decline for a day in almost four months, as affected by weak data on U.S. consumer confidence.

The index, which so far this year has surged by 17 percent, adds a 51 percent since hitting lows in early March.

At the meeting the banks are among the biggest losers, also pressured by news that the Financial CIT Group Inc., a U.S. lender to thousands of small and medium business, declared bankruptcy on Sunday because the global financial crisis.

Shares in Standard Chartered, Barclays, Societe Generale, Credit Agricole and UBS were among the losers.

"Everyone is anxious and know that the market was accelerated a bit," said Koen De Leus, economist at KBC Securities.

"To change that state of mind we need to see better macroeconomic figures for now, corporate profits may not give more support to the stock market since the days of big companies are gone," he added.

Currencies A. Latina, volatile U.S. economy data

Latin American currencies are unstable show this week to mixed U.S. economic data that casts doubt on the pace of recovery of the greater global economy.

Capital inflows to the region could be affected by what is expected to be a week swing, although foreign exchange earnings from exports tend to maintain a slight appreciation in the regional exchange segment.

The recent weakness of the dollar globally will also influence the appreciation of currencies in the region, at a time when the various governments redouble efforts to maintain the competitiveness of their currencies.

Disparate data on the health of the U.S. economy created new doubts about the strength of the largest global economy, but are contrasted with a GDP growth of that country in the third quarter, marking the first expansion in a year.

"Mostly Latin American currencies will affirm (in) the week for the downtrend of the dollar in the world and genuine currency revenues from export earnings," said Fernando Izzo, an analyst at ABC Mercado de Cambios de Argentina.

He added that "all the region's currencies are revalued, mainly Brazil's currency, is likely to continue although it will continue pending revaluing the dollar in the world."

Brazil recently decided to income taxes of foreign investment in an attempt to slow the appreciation of local currency, but so far so far failed to halt the escalation.

The Brazilian real closed Friday with a fall of 1.42 percent, trading at 1.754 / 1.756 per dollar.

"Strong demand 'for Brazil' has led to greater demand for real, which appreciated the currency. (...) While the dollar is weak worldwide, this behavior has been much more evident in Brazil "said a report by consultancy Datarisk in Buenos Aires.

The dollar closed on Friday its first week of gains after four weeks down, with its best weekly performance since June against a basket of currencies, following the release of U.S. economic data that raised a mixed picture.

ARGENTINA AND CHILE, TREND BALANCED

Despite pressure from the international context, the Argentine peso is balanced by purchases of dollars leading the Central Bank to halt the upward trend in the local currency amid high liquidity.

"The continued weakness of the dollar in the world, reversing capital flight and increased international investment remains speculative downward pressures local exchange rate (appreciation of the peso)," said the consultancy Capital Markets in a report .

Traders said the Argentine Central Bank bought in October from 1,300 to 1,500 million dollars to prevent appreciation of the peso during that month and the currency closed up 0.59 percent.

In the case of Chile, the currency remained broadly unchanged last week, affected by a tax on investments provided by Brazil, and expected a similar trend in the coming days.

"The 2 percent tax that applied to capital inflows Brazil slowed the demand for dollars by investors who drew dollars in Chile to bring to Brazil in search of better performance by interest rate arbitrage," said a dealer in Chile.

He added that a similar trend is expected this week.